Preliminary Results Investor/Analyst Presentation 10 November 2015
Company Overview Vision It is our vision to build an African focused exploration and production company which in time becomes renowned for its ability to consistently create and realise material shareholder value through…
Company Overview 2015 Preliminary Results Highlights Completed farm-out of Etinde with global E&P company and recognised local operator. Cash consideration from farm-out significantly strengthened balance sheet and provides…
Etinde: Convert Resources to Reserves Etinde Exploitation Expanded joint venture well placed to progress Resources to Reserves. Farm-out to New Age and LUKOIL combines: Local knowledge and experience. Major E&P company.…
Etinde: Additional Resource through Appraisal Drilling Intra Isongo Potential IM-5 IM-5 well opened the Intra-Isongo play. Seismic response correlates with thick, reservoir quality Upper Isongo sands, identifying significant…
Bomono Operational Update Bomono Gas to Power Project: Phase 1 Development Scheme Early Gas to Power Following programme with Drill-Drill-Test-Test strategy. Two well exploration drilling programme completed, per plan.…
Bomono: Exploration Targets SW Zingana-1 Moambe-1* NE Zingana Bo-03 (yellow) Drilled to 1720m MD, on trajectory. gas in B & C sds Encountered all prognosed reservoirs. Acquired planned wireline log suite. Identified log-evaluated…
Overview - Other African Acreage Forward Plans Under Review Kenya Zambia South Sudan Ethiopia Kenya Uganda Significant acreage 14,200km2 in highly prospective East African Luangwa Valley Karoo basin total area 42,000…
2015 Year End Results Summary Loss of 90.0 million (includes 76 million impairment) in year (2014: 13.6 million). 76 million impairment (as per interims) to reflect revised commodity price and planning assumptions for Etinde…
Funding Overview Strong Financial Foundation Balance sheet strengthened following Etinde farm-out transaction: 120 million cash*, no debt as at end of October 2015. Access to a further 80 million consideration via 40 million (net)…
Timeline Operations - Cameroon H2 2015 2016 Bomono drilling/extended 2 exploration wells + extended well testing well testing Target Bomono EA preparation / first gas submission and development 2 appraisal wells Etinde…
Conclusion Strong balance sheet following completion of Etinde farm-out. Balanced portfolio with near term focus on existing asset base. Fully funded for planned activity: Within the next 12 to 18 months Extended well testing…
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